Exhibit 99.1
Astoria Financial Corporation Announces First Quarter EPS of $0.71
Quarterly Cash Dividend of $0.25 Per Common Share Declared
LAKE SUCCESS, N.Y., April 22 /PRNewswire-FirstCall/ -- Astoria Financial
Corporation (NYSE: AF) ("Astoria"), the holding company for Astoria Federal
Savings and Loan Association ("Astoria Federal"), today reported net income of
$53.4 million, or $0.71 diluted earnings per common share, for the quarter
ended March 31, 2004, compared to net income of $56.4 million, or $0.69
diluted earnings per common share, for the 2003 first quarter. For the 2004
first quarter, returns on average equity, average tangible equity and average
assets were 15.05%, 17.31% and 0.95%, respectively, compared to 14.58%, 16.56%
and 1.01%, respectively, for the comparable 2003 period.
First Quarter 2004 Highlights:
* Diluted EPS: $0.71, increased $0.08, or 13%, from linked quarter
* Net interest margin: 2.14%, increased 40 basis points, or 23%, from
linked quarter
* Return on average assets: 0.95 %, up 13% from linked quarter
* Return on average equity: 15.05 %, up 11% from linked quarter
* Return on average tangible equity: 17.31%, up 11% from linked quarter
* Total deposits increased $322.1 million, or 12% annualized
* Multifamily/Commercial Real Estate ("CRE") loan portfolios increased
$99.1 million, or 13% annualized, and represent 25% of total loans
* Non-performing assets to total assets declined to 0.12%
* Repurchased 1.0 million common shares
Commenting on the first quarter results, George L. Engelke, Jr., Chairman,
President and Chief Executive Officer of Astoria, noted, "The expansion of the
net interest margin year over year, and, in particular, the forty basis point
improvement from the previous quarter, reflects reduced premium amortization
expense and significantly lower borrowing costs during the quarter."
Board Declares Quarterly Cash Dividend of $0.25 Per Share
The Board of Directors of the Company, at their April 21, 2004 meeting,
declared a quarterly cash dividend of $0.25 per common share. The dividend is
payable on June 1, 2004 to shareholders of record as of May 17, 2004. This is
the thirty-sixth consecutive quarterly cash dividend declared by the Company.
Ninth Stock Repurchase Program Continues
During the first quarter, Astoria repurchased 1.0 million shares of its
common stock at an average cost of $39.03 per share. To date, under the ninth
program that commenced November 2002, Astoria has repurchased 8.5 million
shares of the 10 million shares authorized.
First Quarter 2004 Earnings Summary - Net Interest Margin Improvement
Net interest income for the quarter ended March 31, 2004 totaled
$114.5 million, an increase of 21% from $94.6 million in the 2003 fourth
quarter and 5% from $109.0 million a year ago.
Astoria's net interest margin for the quarter ended March 31, 2004
increased forty basis points, on a linked quarter basis, to 2.14%, and five
basis points from a year ago. The increases in the net interest margin were
due to a decline in the cost of liabilities as higher cost borrowings were
repriced at lower rates and a decline in premium amortization due to reduced
refinance activity. With mortgage refinancing activity dramatically subsiding
and lower MBS repayments in the 2004 first quarter, the net premium
amortization on mortgage loans and MBS declined 67% to $8.3 million for the
2004 first quarter from $25.0 million for the year ago first quarter.
Importantly, MBS net premium amortization declined 79% from the year ago first
quarter to just $2.9 million in the 2004 first quarter. Linked quarter
declines were also significant; for details on net premium amortization
expense, please see the following chart:
MBS and Mortgage Loan Net Premium Amortization Trends
Year Over Year Linked Quarter
(Dollars in millions) 1Q03 4Q03 1Q04 $Change %Change $Change %Change
MBS $13.7 $12.7 $2.9 $ (10.8) (79%) $(9.8) (77%)
Mortgage Loans $11.3 $6.7 $5.4 $(5.9) (52%) $(1.3) (19%)
Total $25.0 $19.4 $8.3 $(16.7) (67%) $(11.1) (57%)
The decline in the cost of liabilities was due primarily to the 2004 first
quarter maturity of $2.8 billion of medium-term borrowings, with a weighted
average rate of 4.97%, of which $2.4 billion were extended for a weighted
average term of 3.3 years with a weighted average rate of 2.71%, $245 million
were repaid and the remainder were refinanced with short-term borrowings. Over
the past fifteen months $4.5 billion of medium-term borrowings, with a
weighted average rate of 5.37%, matured and $4.1 billion of those borrowings
were extended for a weighted average term of 3.2 years with a weighted average
rate of 2.64%, providing protection against future interest rate increases.
Also impacting the margin, multifamily and CRE prepayment penalty income
declined 46% on a linked quarter basis to $2.5 million due to reduced
refinance activity. The table below highlights the trend in multifamily/CRE
prepayment penalty income over the past nine quarters:
Multifamily and CRE Loan Prepayment Penalty Income
(Dollars in millions) 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04
$0.9 $0.9 $1.4 $1.7 $2.1 $3.5 $5.8 $4.6 $2.5
Non-interest income for the quarter ended March 31, 2004 totaled
$22.1 million compared to $25.9 million for the comparable 2003 quarter. The
decrease is primarily due to a $1.5 million decrease in mortgage banking
income, net, as described below, and a $1.1 million decrease in customer
service fees, from $14.8 million for the 2003 first quarter to $13.7 million
for the 2004 first quarter, primarily due to a decrease in debit card
interchange fees caused by a reduction in the fee structure on signature-based
debit card transactions.
The components of mortgage banking income, net, which is included in
non-interest income, are detailed below:
(Dollars in millions) 1Q04 1Q03
Loan servicing fees $1.5 $2.3
Amortization of MSR* (2.0) (3.8)
MSR* valuation adjustments (1.3) (0.9)
Net gain on sale of loans 0.7 2.8
Mortgage banking income, net $(1.1) $0.4
*Mortgage servicing rights ("MSR")
Net gain on sales of securities totaled $2.4 million for the 2004 first
quarter compared to $2.1 million for the year ago first quarter. The gains
were recognized during the quarter to offset anticipated mortgage servicing
valuation adjustments calculated at quarter end totaling $1.3 million and
$0.9 million, respectively.
General and administrative expense ("G&A") for the quarter ended
March 31, 2004 totaled $57.0 million compared to $52.0 million for the
comparable 2003 period. The increase is primarily due to increased
compensation and benefit expense and occupancy, equipment and systems expense,
due to, among other things, facilities and systems enhancements over the past
year.
Balance Sheet Summary
Key balance sheet highlights, including the cumulative effect of the
Company's balance sheet repositioning since December 31, 1999, follow:
(Dollars in millions) 12/31/99 12/31/00 12/31/01 12/31/02
Assets $22,700 $22,341 $22,672 $21,702
Loans $10,286 $11,422 $12,167 $12,059
MBS $9,287 $7,875 $7,074 $7,380
Deposits $9,555 $10,072 $10,904 $11,067
Core Deposits (1) $4,625 $4,922 $5,743 $5,914
Checking $878 $1,005 $1,200 $1,383
Borrowings $11,528 $10,324 $9,826 $8,825
Change
(Dollars in millions) 12/31/03 3/31/04 12/31/99 - 3/31/04
Assets $22,462 $22,651 --
Loans $12,687 $12,737 + 24%
MBS $8,244 $8,169 - 12%
Deposits $11,187 $11,509 + 20%
Core Deposits (1) $5,685 $5,628 + 22%
Checking $1,493 $1,505 + 71%
Borrowings $9,632 $9,395 - 19%
(1) Excludes time deposits
Mortgage loan originations and purchases for the quarter ended
March 31, 2004 totaled $867.3 million compared to $1.5 billion for the 2003
first quarter. Included in the first quarter 2004 mortgage loan production
were one-to-four family loans totaling $617.3 million, predominantly 3/1 and
5/1 adjustable rate loans. The decrease in loan production was due to reduced
mortgage loan refinance activity in the 2004 first quarter. Mortgage loan
prepayments for the quarter ended March 31, 2004 totaled $648.2 million
compared to $1.3 billion for the 2003 first quarter.
For the quarter ended March 31, 2004, multifamily and CRE loan
originations increased to $240.0 million compared to $235.3 million a year
ago. The multifamily and CRE loan portfolios grew during the first quarter at
an annualized rate of 13% to $3.2 billion, or 25% of total loans at
March 31, 2004. The average loan-to-value ratio of the multifamily and CRE
loan portfolio continues to be less than 65%, based on current principal
balance and original appraised value, and the average loan balance is less
than $1 million. Commenting on the multifamily and CRE loan volume, Mr.
Engelke noted, "During the first quarter, we witnessed irrational pricing of
multifamily loan products by several local competitors which resulted in lower
than anticipated loan production. We will continue to remain focused on
producing quality multifamily and CRE loans but will maintain our rational
pricing discipline."
The Company's strong multifamily and CRE lending capabilities are
reflected in the growth of these portfolios since 1999:
(Dollars in millions) 12/31/99 12/31/00 12/31/01 12/31/02
Multifamily/CRE
Loans $1,014 $1,282 $1,693 $2,345
% of Total Loans 10% 11% 14% 20%
Change
(Dollars in millions) 12/31/03 3/31/04 12/31/99 - 3/31/04
Multifamily/CRE
Loans $3,111 $3,210 +217%
% of Total Loans 25% 25% +150%
At March 31, 2004, non-performing loans declined to $24.6 million, or
0.11%, of total assets from from $39.0 million, or 0.17% of total assets a
year ago, and from $29.7 million, or 0.13% of total assets, at December 31,
2003. Net charge-offs for the 2004 first quarter totaled just $155,000, or an
annualized rate of less than one basis point of the average total loans
outstanding. The ratio of the allowance for loan losses to non-performing
loans at March 31, 2004 increased to 337%.
Mortgage-backed securities ("MBS") totaled $8.2 billion at March 31, 2004,
a decrease of $648.1 million from the year ago quarter end. Of the total,
$2.5 billion, equal to 11% of assets, were categorized as available-for-sale.
A detailed profile of the premium/discount associated with our fixed rate
CMO/REMIC MBS portfolio at March 31, 2004 follows:
Unamortized
Premium/ Collateral Weighted
(Dollars in millions) Book Value (Discount) MBS Coupon Coupon Avg Life
Premium CMO/
REMIC MBS $2,274 $ 22.7 5.01% 6.06% 2.0 yrs
Discount/Par CMO/
REMIC MBS $5,725 $(18.0) 4.14% 5.85% 2.8 yrs
Total $7,999 $4.7 4.39% 5.91% 2.5 yrs
Deposits for the quarter ended March 31, 2004 increased $322.1 million, or
12% on an annualized basis, to $11.5 billion from $11.2 billion at December
31, 2003. The increase in deposits was primarily due to an increase of
$378.8 million in CD accounts to $5.9 billion from $5.5 billion at December
31, 2003. This increase reflects the success of a marketing campaign in the
first quarter focused on attracting long-term deposits to enable us to reduce
borrowings. Specifically, $1.2 billion of CDs, with an average rate of 2.33%
and an average original maturity of 14 months matured and $1.5 billion of CDs
were issued or repriced at an average rate of 2.51% and an average maturity of
22 months. "We expect to continue our strategy of lengthening the maturity of
our CD deposits in the current interest rate environment," Mr. Engelke noted.
Checking account balances totaled $1.5 billion, or 27% of core deposits at
March 31, 2004. Additionally, our small business banking initiatives
continue to result in solid growth in our business deposits which, at
March 31, 2004, totaled $253.2 million, up 27% on an annualized basis.
Borrowings declined $237.2 million from the previous quarter and totaled
$9.4 billion at March 31, 2004.
Stockholders' equity was $1.4 billion, or 6.36% of total assets at March
31, 2004. Astoria Federal continues to maintain capital ratios in excess of
regulatory requirements with core, tangible and risk-based capital ratios of
7.19%, 7.19% and 14.98%, respectively, at March 31, 2004.
Future Outlook
Commenting on the outlook for 2004, Mr. Engelke stated, "We are well
positioned to continue to project solid growth in earnings and related returns
as a result of the actions taken in 2003 and the first quarter of 2004 to
significantly reduce the cost of our liabilities and lengthen the terms of
both borrowings and CDs. In addition, with significantly reduced refinance
activity and a projected continuation of a relatively steep Treasury yield
curve, even in a slightly higher interest rate environment we anticipate solid
growth in both our loan portfolio and deposits."
Astoria Financial Corporation, the holding company for Astoria Federal
Savings and Loan Association with assets of $22.7 billion, is the third
largest thrift institution headquartered in New York and sixth largest in the
United States. Astoria Federal embraces its philosophy of Putting people
first by providing its 700,000 customers and the local communities it serves
with quality financial products and services through 86 convenient banking
office locations and multiple delivery channels, including its enhanced
website, www.astoriafederal.com. Astoria commands the third largest deposit
market share in the attractive Long Island market, which includes Brooklyn,
Queens, Nassau and Suffolk counties with a population exceeding that of 39
individual states. Astoria originates mortgage loans through its banking
offices and loan production offices in New York, an extensive broker network
in nineteen states, primarily the East Coast, and through correspondent
relationships in forty-four states.
Forward Looking Statements
This document contains a number of forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These statements may
be identified by the use of such words as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "outlook," "plan," "potential," "predict,"
"project," "should," "will," "would" and similar terms and phrases, including
references to assumptions.
Forward-looking statements are based on various assumptions and analyses
made by us in light of our management's experience and its perception of
historical trends, current conditions and expected future developments, as
well as other factors we believe are appropriate under the circumstances.
These statements are not guarantees of future performance and are subject to
risks, uncertainties and other factors (many of which are beyond our control)
that could cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. These factors
include, without limitation, the following: the timing and occurrence or
non-occurrence of events may be subject to circumstances beyond our control;
there may be increases in competitive pressure among financial institutions or
from non-financial institutions; changes in the interest rate environment may
reduce interest margins; changes in deposit flows, loan demand or real estate
values may adversely affect our business; changes in accounting principles,
policies or guidelines may cause our financial condition to be perceived
differently; general economic conditions, either nationally or locally in some
or all of the areas in which we do business, or conditions in the securities
markets or the banking industry may be less favorable than we currently
anticipate; legislative or regulatory changes may adversely affect our
business; applicable technological changes may be more difficult or expensive
than we anticipate; success or consummation of new business initiatives may be
more difficult or expensive than we anticipate; or litigation or matters
before regulatory agencies, whether currently existing or commencing in the
future, may delay the occurrence or non-occurrence of events longer than we
anticipate. We assume no obligation to update any forward-looking statements
to reflect events or circumstances after the date of this document.
Earnings Conference Call April 23, 2004 at 9:30 a.m. (ET)
The Company, as previously announced, indicated that Mr. Engelke will host
an earnings conference call Friday morning, April 23 at 9:30 a.m. (ET). The
toll-free dial-in number is (800) 967-7140. A replay will be available on
April 23, 2004 from 1:00 p.m. (ET) through April 30, 2004, 11:59 p.m. (ET).
The replay number is (888) 203-1112, passcode: 745977. The conference call
will also be simultaneously webcast on the Company's website
www.astoriafederal.com and archived for one year.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Data)
At At
March 31, December 31,
2004 2003
ASSETS
Cash and due from banks $126,028 $173,828
Federal funds sold and repurchase
agreements 404,250 65,926
Mortgage-backed securities
available-for-sale 2,507,378 2,498,315
Other securities available-for-sale 141,454 156,677
Mortgage-backed securities held-to-maturity
(fair value of $5,739,944 and
$5,761,666, respectively) 5,661,134 5,745,706
Other securities held-to-maturity
(fair value of $44,159
and $47,451, respectively) 43,358 47,021
Federal Home Loan Bank of New York
stock, at cost 168,700 213,450
Loans held-for-sale, net 31,142 23,023
Loans receivable:
Mortgage loans, net 12,281,479 12,248,772
Consumer and other loans, net 455,467 438,215
12,736,946 12,686,987
Allowance for loan losses (82,966) (83,121)
Total loans receivable, net 12,653,980 12,603,866
Mortgage servicing rights, net 15,327 17,952
Accrued interest receivable 78,344 77,956
Premises and equipment, net 158,844 160,089
Goodwill 185,151 185,151
Bank owned life insurance 370,510 370,310
Other assets 105,062 122,324
TOTAL ASSETS $22,650,662 $22,461,594
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $11,508,680 $11,186,594
Reverse repurchase agreements 7,085,000 7,235,000
Federal Home Loan Bank of New York
advances 1,829,000 1,924,000
Other borrowings, net 480,797 473,037
Mortgage escrow funds 148,992 108,635
Accrued expenses and other liabilities 156,502 137,797
TOTAL LIABILITIES 21,208,971 21,065,063
Stockholders' equity:
Preferred stock, $1.00 par value;
5,000,000 shares authorized:
Series A (1,225,000 shares
authorized and - 0 - shares issued
and outstanding) - -
Series B (2,000,000 shares
authorized and - 0 - shares issued
and outstanding) - -
Common stock, $.01 par value;
(200,000,000 shares authorized;
110,996,592 shares issued; and
78,231,048 and 78,670,254 shares
outstanding, respectively) 1,110 1,110
Additional paid-in capital 804,822 798,583
Retained earnings 1,512,563 1,481,546
Treasury stock (32,765,544 and
32,326,338 shares, at cost,
respectively) (837,169) (811,993)
Accumulated other comprehensive loss (13,830) (46,489)
Unallocated common stock held by ESOP
(4,695,440 and 4,760,054 shares,
respectively) (25,805) (26,226)
TOTAL STOCKHOLDERS' EQUITY 1,441,691 1,396,531
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $22,650,662 $22,461,594
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
For the Three Months Ended
March 31,
2004 2003
Interest income:
Mortgage loans:
One-to-four family $111,350 $126,929
Multi-family, commercial real
estate and construction 53,631 46,216
Consumer and other loans 4,890 4,772
Mortgage-backed securities 86,873 94,048
Other securities 4,196 9,849
Federal funds sold and repurchase
agreements 154 752
Total interest income 261,094 282,566
Interest expense:
Deposits 54,230 58,241
Borrowed funds 92,351 115,317
Total interest expense 146,581 173,558
Net interest income 114,513 109,008
Provision for loan losses - -
Net interest income after provision
for loan losses 114,513 109,008
Non-interest income:
Customer service fees 13,749 14,833
Other loan fees 1,262 1,826
Net gain on sales of securities 2,372 2,136
Mortgage banking income, net (1,118) 436
Income from bank owned life insurance 4,450 5,199
Other 1,424 1,465
Total non-interest income 22,139 25,895
Non-interest expense:
General and administrative:
Compensation and benefits 31,464 28,764
Occupancy, equipment and systems 16,717 14,615
Federal deposit insurance premiums 449 492
Advertising 1,709 1,498
Other 6,704 6,597
Total non-interest expense 57,043 51,966
Income before income tax expense 79,609 82,937
Income tax expense 26,196 26,540
Net income 53,413 56,397
Preferred dividends declared - (1,500)
Net income available to common shareholders $53,413 $54,897
Basic earnings per common share $0.72 $0.69
Diluted earnings per common share $0.71 $0.69
Basic weighted average common shares 73,916,449 79,041,158
Diluted weighted average common and
common equivalent shares 75,343,051 79,781,388
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL RATIOS AND OTHER DATA
At or For the
Three Months Ended
March 31,
2004 2003
Selected Returns and Financial Ratios
(annualized)
Return on average stockholders' equity 15.05 % 14.58 %
Return on average tangible
stockholders' equity (1) 17.31 16.56
Return on average assets 0.95 1.01
General and administrative expense
to average assets 1.02 0.93
Efficiency ratio (2) 41.74 38.52
Net interest rate spread (3) 2.05 2.02
Net interest margin (4) 2.14 2.09
Asset Quality Data (dollars in thousands)
Non-performing loans/total loans 0.19 % 0.33 %
Non-performing loans/total assets 0.11 0.17
Non-performing assets/total assets 0.12 0.18
Allowance for loan losses/non-
performing loans 337.27 213.73
Allowance for loan losses/non-
accrual loans 342.79 218.64
Allowance for loan losses/total loans 0.65 0.70
Net charge-offs to average loans
outstanding (annualized) 0.00 0.00
Non-performing assets $26,470 $39,980
Non-performing loans 24,599 39,047
Loans 90 days past maturity but
still accruing interest 396 878
Non-accrual loans 24,203 38,169
Net charge-offs 155 92
Capital Ratios (Astoria Federal)
Tangible 7.19 % 7.25 %
Core 7.19 7.25
Risk-based 14.98 15.71
Other Data
Cash dividends paid per common share $0.25 $0.20
Dividend payout ratio 35.21 % 28.99 %
Stockholders' equity (in thousands) $1,441,691 $1,544,596
Common stockholders' equity
(in thousands) 1,441,691 1,494,596
Book value per common share (5) 19.61 19.18
Tangible book value
per common share (6) 17.09 16.80
Average equity/average assets 6.33 % 6.93 %
Mortgage loans serviced for others
(in thousands) $1,821,561 $2,479,592
Full time equivalent employees 1,951 1,975
(1) Average tangible stockholders' equity represents average
stockholders' equity less average goodwill.
(2) The efficiency ratio represents general and administrative expense
divided by the sum of net interest income plus non-interest income.
(3) Net interest rate spread represents the difference between the
average yield on average interest-earning assets and the average
cost of average interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by
average interest-earning assets.
(5) Book value per common share represents common stockholders' equity
divided by outstanding common shares, excluding unallocated Employee
Stock Ownership Plan, or ESOP, shares.
(6) Tangible book value per common share represents common stockholders'
equity less goodwill divided by outstanding common shares, excluding
unallocated ESOP shares.
ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES
AVERAGE BALANCE SHEETS
(Dollars in Thousands)
For the Three Months Ended March 31,
2004
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $9,041,043 $111,350 4.93 %
Multi-family, commercial
real estate and construction 3,253,227 53,631 6.59
Consumer and other loans (1) 450,098 4,890 4.35
Total loans 12,744,368 169,871 5.33
Mortgage-backed securities (2) 8,158,911 86,873 4.26
Other securities (2) (3) 433,921 4,196 3.87
Federal funds sold and
repurchase agreements 64,895 154 0.95
Total interest-earning assets 21,402,095 261,094 4.88
Goodwill 185,151
Other non-interest-earning assets 854,561
Total assets $22,441,807
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,960,199 2,945 0.40
Money market 1,188,176 1,608 0.54
NOW and demand deposit 1,466,733 221 0.06
Certificates of deposit 5,644,019 49,456 3.51
Total deposits 11,259,127 54,230 1.93
Borrowed funds 9,472,213 92,351 3.90
Total interest-bearing liabilities 20,731,340 146,581 2.83
Non-interest-bearing liabilities 290,865
Total liabilities 21,022,205
Stockholders' equity 1,419,602
Total liabilities and
stockholders' equity $22,441,807
Net interest income/net interest
rate spread $114,513 2.05 %
Net interest-earning assets/net
interest margin $670,755 2.14 %
Ratio of interest-earning assets
to interest-bearing liabilities 1.03x
For the Three Months Ended March 31,
2003
Average
Average Yield/
Balance Interest Cost
(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
One-to-four family $9,073,408 $126,929 5.60 %
Multi-family, commercial
real estate and construction 2,438,692 46,216 7.58
Consumer and other loans (1) 390,502 4,772 4.89
Total loans 11,902,602 177,917 5.98
Mortgage-backed securities (2) 8,137,721 94,048 4.62
Other securities (2) (3) 613,094 9,849 6.43
Federal funds sold and
repurchase agreements 254,406 752 1.18
Total interest-earning assets 20,907,823 282,566 5.41
Goodwill 185,151
Other non-interest-earning assets 1,227,555
Total assets $22,320,529
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings $2,836,124 3,489 0.49
Money market 1,570,874 3,476 0.89
NOW and demand deposit 1,385,620 490 0.14
Certificates of deposit 5,331,200 50,786 3.81
Total deposits 11,123,818 58,241 2.09
Borrowed funds 9,363,466 115,317 4.93
Total interest-bearing
liabilities 20,487,284 173,558 3.39
Non-interest-bearing liabilities 286,177
Total liabilities 20,773,461
Stockholders' equity 1,547,068
Total liabilities and
stockholders' equity $22,320,529
Net interest income/net interest
rate spread $109,008 2.02 %
Net interest-earning assets/net
interest margin $420,539 2.09 %
Ratio of interest-earning assets
to interest-bearing liabilities 1.02x
(1) Mortgage and consumer and other loans include non-performing loans
and exclude the allowance for loan losses.
(2) Securities available-for-sale are reported at average amortized cost.
(3) Other securities include Federal Home Loan Bank of New York stock.
SOURCE Astoria Financial Corporation
-0- 04/22/2004
/CONTACT: Peter J. Cunningham, First Vice President, Investor Relations,
Astoria Financial Corporation, +1-516-327-7877, ir@astoriafederal.com /
/Company News On-Call: http://www.prnewswire.com/comp/104529.html /
/Web site: http://www.ir.astoriafederal.com
http://www.astoriafederal.com /
(AF)
CO: Astoria Financial Corporation
ST: New York
IN: FIN
SU: ERN CCA